We all know that flexible benefits packages can be a make-or-break factor for employees in any company and any industry. But, what if there was a way to streamline benefits enrollment and management for employees, while also saving valuable time and money?
Well, with Workday Benefits, there is.
Read on to learn more about the integrated HCM solution and the ways it can simplify your technology footprint and optimize core human resources (HR) processes.
What is the Workday Benefits Module?
The Workday Benefits module offers additional support to employees when it comes to their individual benefits and gives them the functionality they expect out of their benefits enrollment and wellness programs, making it easier for employees to manage their own benefits packages and keep up with enrollment changes over time.
Understanding Benefits Administration in Workday
Workday understands that today’s technology-based world needs a benefits solution that can keep up with ever-changing enrollment guidelines and offer a mobile experience for employees, wherever and whenever they need it.
Workday Benefits Administration is Workday’s all-encompassing solution that provides a more holistic approach to employee benefits management.
For most eligible employees, tasks in the Benefits module will only be completed during the annual open enrollment period. However, there are a few circumstances outside of the open enrollment window where changes or updates to benefits information need to be made:
- A qualifying life event (i.e., marriage, change of residence, loss of health coverage/eligibility)
- Making a change to retirement benefits (Note: You would only see the tile for retirement in this case.)
Key Features and System Capabilities
Workday offers flexible benefits programs and increased system functionality, making it easier for companies to maintain competitive benefits and keep employees satisfied in the long run. Here are a few of the main features included within Workday Benefits Administration services:
- Employee enrollment plans
- Benefits administration
- Health benefits and wellness management
- Payroll configuration
- Insurability evidence
- Medicare & Affordable Care Act functionality
Main Advantages for Your Organization
Here are a few key advantages the Workday Benefits module offers:
Improved Employee Experience
The Workday Benefits Enrollment module is centered around employee self-service, giving you the opportunity to control your own enrollment processes and keep track of the benefits you have selected, whenever and wherever you want.
This module prompts users to select from “tiles” that are available for each benefit (i.e., medical, vision, dental, etc.) and ensures that you are only making changes or updates to the benefit “tiles” you choose, rather than your enrollment plan as a whole.
Increased Transparency
Workday Benefits gives employees total rewards statements that offer a more comprehensive view of the benefits they have chosen to enroll in, as well as a breakdown of their compensation.
With these annually-updated total rewards statements, employees are able to better understand the real value of their compensation and benefits packages. And, by providing total reward transparency through these statements, employers have better opportunities to both attract and retain talent in their organization.
Single Source of Truth
As an integrated HCM solution within the Workday Human Capital Management (HCM) suite, the Workday Employee Benefits module allows core HR data (i.e., employee address, date of birth, Social Security Number, etc.) to be combined with employee benefits packages. This pre-built connection also helps automate the deployment of individual benefits programs.
With integration between the Benefits module and the Workday Human Resources Management suite, any changes to employee status (i.e., promotions or salary increases) will automatically initiate change management processes for employee benefits plans. Even better, all the data housed in the Benefits module and the HR Management suite are kept in a single system, reducing the need to build new interfaces or continually reload data into different systems.
Greater Visibility and Support
The Workday Benefits platform provides a dashboard that gives employees additional support when it comes to navigating their benefits and wellness decisions. This offers a more comprehensive insight into the costs and options for benefits plans and details for chosen benefits providers.
With a dashboard that keeps all your benefits and wellness resources in one place, it’s easier to access and keep track of valuable information and make changes to benefits plans or elections if needed.
More Flexible Configuration
Workday’s easy-to-use Benefits module gives users greater flexibility and control when it comes to their benefits and wellness plans. Workday also understands that providers and plans change sometimes, so they built a module that could easily and accurately adapt to those changes.
Simple configuration and automatic updates allow users to stay up-to-date with their benefits plans, leaving no room for discrepancy between providers, employers, and employees.
Even better, benefits packages configured in the Workday system can be offered to any employee in any location across the globe — no extra hassle or headaches required.
Support for Compliance
Workday simplifies Affordable Care Act (ACA) administration, making it easier for you to remain compliant with eligibility rules and guidelines. Workday provides the power and flexibility needed to navigate complex ACA restrictions and eliminates the need for manual data manipulation across your systems.
With its ability to automate benefits tasks, the Benefits module also reduces the need for complex integrations between multiple different systems. Workday helps manage individual eligibility, support the employer mandate within ACA, generate and transmit IRS 1094-C and 1095-C forms, and maintain compliance throughout an organization.
Integration with Other Systems
Although Workday Benefits Administration offers seamless integrations between many different Workday systems, including HR and HCM Management, there is one tool that is essential in providing and managing these integrations.
Enter Cloud Connect for Benefits.
How Does Cloud Connect Work?
Workday Cloud Connect for Benefits provides more than 300 pre-built integrations between your Workday system and benefits providers. With its simple setup and easy-to-understand templates for each product and vendor, Cloud Connect eliminates the need to build custom integrations and reduces the costs that come along with managing those integrations internally.
Updates and changes will need to be made within an employee’s benefits plan over time, and these changes need to be communicated to benefits providers.
That’s where Cloud Connect comes in.
When these changes are made within the Workday system, the only step administrators need to take is scheduling files or data transfers, and the rest is automatically taken care of with the help of built-in Workday integrations.
Partnering with the Best
Companies not only need competitive compensation and benefits packages to attract and retain top-tier talent, but they also need the functionality required to manage these plans when employee information or eligibility changes. Luckily, Workday Benefits has all the right tools to help employees get the most out of their benefits and manage their plans at any time.
But, we all know that implementing a comprehensive system like this can seem a little overwhelming for your team, especially if you lack the necessary resources to handle everything on your own. This is where Surety Systems can help.
How Can We Help?
Our team of senior-level Workday consultants has seen it all and knows just what it takes to implement Workday Benefits Administration. Their extensive experience and all-encompassing tool belt offer the support your team needs to get the job done.
And, to give you a better idea of what to expect when partnering with us, we’ve included a snapshot of one of our Workday Benefits consultants:
Surety Senior Workday Benefits Consultant
- 9+ years of Workday Benefits experience, 20+ years of ERP experience
- Certified in Workday HCM and Benefits
- Expert in Benefits Administration services for Workday, including open enrollment, ACA reporting, and benefits assessments
- Has led implementations both client-side and as a partner
- Served as a testing lead on multiple projects; comfortable with providing core scenarios and structuring the testing
Contact us today to get started.
